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Single tax filers earning above $200,000, or $250,000 for married couples, pay the 0.9% additional Medicare tax. View the original article on Medical News Today Related articles
There is an additional Medicare tax of 0.9% on wages over $200,000, to be paid only by the employee (reported separately on the employee's tax return on Form 8959 ...
What Is the 0.9% Medicare Tax? Under the Affordable Care Act in 2013, an additional tax for taxpayers in the higher federal tax brackets was added to fund Medicare. The additional Medicare tax ...
Medicare tax of 1.45% is withheld from wages, with no maximum. [12] (This brings the total federal payroll tax withholding to 7.65%.) Employers are required to pay an additional equal amount of Medicare taxes, and a 6.2% rate of Social Security taxes. [13] Many states also impose additional taxes that are withheld from wages.
Additional Medicare tax: High-income earners may also have to pay an additional 0.9% tax on wages, compensation, and self-employment income. [14] Net investment income tax: Net investment income is subject to an additional 3.8% tax for individuals with income in excess of certain thresholds.
Medicare funding comes from a combination of government contributions, payroll taxes, and monthly premiums paid by Medicare beneficiaries.
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